Did you know that the demand for lithium is predicted to increase to 4 million metric tons by 2030? Known as “white gold”, this white soft metal is currently the hottest mineral on the market! The lithium economy is booming all around the world, but what is the reason for the high demand?
Lithium is so popular due to the many different uses. The mineral is most commonly used in batteries, with 95% of the demand going directly towards manufacturing them. With technology constantly evolving, lithium batteries are needed for more and more everyday uses. Today, lithium is used to power electric vehicles, e-bikes, electric tools, and phones.
With so many uses for lithium batteries, it is important to increase supply. Currently, the US holds just 3.6% of global lithium reserves. This means that there is a higher than ever reliance on international mining. Close to home, Canada has been a great supply due to its optimal location and menial capital cost.
As the push to lower carbon emissions continues, there will be higher demand for electric vehicles which will only increase the demand for lithium. To learn more about how lithium is taking over the market, take a look at the infographic below: